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Dec 31, 2024
VICI Properties Q4 2024 Earnings Report
VICI Properties reported increased revenue and AFFO, but net income declined due to a change in CECL allowance.
Key Takeaways
VICI Properties posted a revenue increase of 4.7% YoY to $976.1 million in Q4 2024. However, net income decreased 17.8% to $614.6 million due to a change in CECL allowance. AFFO grew 5.4% to $601.3 million, and the company ended the quarter with $524.6 million in cash and cash equivalents.
Total revenue rose 4.7% YoY to $976.1 million.
Net income fell 17.8% YoY to $614.6 million due to a CECL allowance impact.
AFFO increased 5.4% YoY to $601.3 million.
Cash and cash equivalents stood at $524.6 million at quarter-end.
VICI Properties
VICI Properties
VICI Properties Revenue by Segment
Revenue by Segment
Sales-type leases Revenue
CapyFin.comLease financing & loans Revenue
CapyFin.comGolf Revenue
CapyFin.com Forward Guidance
VICI Properties expects AFFO for 2025 to range between $2.455 billion and $2.485 billion, or $2.32 to $2.35 per diluted share.
Positive Outlook
- AFFO expected to range between $2.455B and $2.485B.
- Company continues to expand partnerships and strategic relationships.
- Investment-grade credit rating reaffirmed by Moody’s.
- New $2.5B multicurrency unsecured revolving credit facility secured.
- Planned capital commitments and reinvestments in key assets.
Challenges Ahead
- Net income impacted by ongoing changes in CECL allowance.
- Rising interest expense could affect profitability.
- Market volatility may influence investment returns.
- Tenant financial performance remains a key risk factor.
- Potential economic downturn could impact discretionary spending on entertainment properties.